• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 19 mins U.S. Shale Oil Debt: Deep the Denial
  • 15 hours Satellite Moons to Replace Streetlamps?!
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 1 day EU to Splash Billions on Battery Factories
  • 12 hours The Dirt on Clean Electric Cars
  • 9 hours Owning stocks long-term low risk?
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 3 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 1 day The end of "King Coal" in the Wales
Can We Expect A Rebound Rally Next Week?

Can We Expect A Rebound Rally Next Week?

Despite recovering somewhat on Friday,…

U.S-Saudi Clash Could Spell Disaster For OPEC

U.S-Saudi Clash Could Spell Disaster For OPEC

The Khashoggi case could have…

Qatar to Launch $10B Barzan Gas Project in November

Gas plant Qatar

In a bid to meet growing domestic energy demand, Qatar is getting ready to start operations at its US$10-billion Barzan gas project this November, which will increase the country’s daily gas output by up to 2 billion cubic feet once capacity is reached in 2017, Reuters reports, citing two sources in the know.

Qatar’s huge infrastructure investments ahead of the 2022 FIFA World Cup and its expansion of the civil aviation industry have spurred energy demand, and the country’s demand for refined oil products has more than doubled in the past five years.

The project is a joint venture between Qatar Petroleum and Exxon Mobil (NYSE:XOM), which committed to developing the Barzan offshore platform in the North Field in 2011. Plans call for much of the production to go to the power and water sector.

While Qatar is trying to increase domestic supply, it is the largest exporter of liquefied natural gas (LNG) in the world, according to data by the U.S. Energy Information Administration (EIA).

In the first half this year, Qatar saw its LNG exports to South Asia and the rest of the Middle East soar.

Currently, Qatar has a self-imposed moratorium on new projects in the North Field in order to seek sustainability in output in the long run, and according to the EIA, the Barzan project is the only potential for a near-term increase in natural gas production. The Bazran project was the last North Field project approved prior to the moratorium.

In its International Energy Outlook 2016 from May this year, the EIA said that Qatar was expected to continue to be the world’s number-one LNG spot and long-term supplier until the end of this decade, with the U.S. and Australia seen closing the gap.

Still, Qatar has decided to extend the moratorium on the development of the rest of the North Field, and no new projects are expected until 2020 or later.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News